Letter from irs Form 2017-2023

Full disclosure, I work closely with Intuit and consult on some of their products.TurboTax is an excellent product, and in my opinion is better than going to an unlicensed tax preparer or a shop like HR Block for a tax return. They do guide you effectively thorough preparing the returns, and prguidance which is often better written and explained than many professionals will provide.There's also interim solutions where they can prassistance, or if you get stuck, simply take over entirely.That all said, I would largely concur with Wray's well explained response and add the following clarificafions and additions.If you have a W2 alone, you can even use a product like SnapTax. If you have a schedule A (itemized deductions), TurboTax is probably still an excellent option. A schedule C, (I.e. self employed) one must start to consider whether they comfortably know the rules and thresholds about what to include and what is as the tax code requires, ordinary and necessary for example. Multistate or complex income or investment, get a professional CPA. Why you may ask?:The software can always get it right, if one uses it properly. It does take some reasonable level of acumen, and it requires one to take the time to level up to a basic working knowledge in areas that I feel are beneficial even if you work with a CPA.I have fixed more errors, and saved more money and headaches for people using HR Block, or Liberty Tax etc, than anything coming from a self-prepared return. Intuit's plumber commercials last year are pretty accurate in many circumstances, and at least TurboTax is well priced, unlike the tax stores which seem cheap but often become more expensive than a seasoned professional.Last but not least, if you receive a notice, or are audited, no matter who prepared the returns, hire a CPA immediately.

Stripe RequirementsFollowing are the Stripe requirements to accept payments from the United States:US Bank AccountSSN / EINUS Mailing AddressUS Phone NumberThe straightforward way is to register an LLC (Limited Liability Company) or C-Corporation company in the United States and open the bank account. However, even if youu2019re able to process the LLC registration (which is simple and can be done remotely), there is no bank in the United States that is willing to open an account without the potential owner first visiting the branch.Also, Stripe requires you to enter SSN or EIN to verify your identity, which is an other hurdle. For US address & phone number, you can get them easily remotely or even use fake details (not recommended).But the good new is you can still get all the necessary details without visiting the US and starts using Stripe in minutes. Letu2019s discuss how you can successfully sign up for Stripe from the United States.1. US Bank AccountYou can get a valid US bank account thanks to Payoneer u2023 a global payment service that can be used as an alternative to PayPal to send and receive payments worldwide. It provides the users a prepaid MasterCard (you must have funds in prepaid card before you can use it online) and a US bank account to accept ACH payments from US companies. ACH is what Stripe uses to payout the customers. Youu2019re done!Sign Up for PayoneerPayoneer is a very reliable and secure payment service available worldwide. Iu2019ve been using it since early 2023 to accept payments from US clients, marketplace earnings, affiliate payouts etc. Since it is MasterCard supported that is widely accepted over the Internet, so it is my primary payment method whenever I want to pay online whether it is to buy an airline ticket, pay web hosting bills or to pay Amazon AWS monthly fees etc.Registration for Payoneer is straightforward and can be done in couple of minutes. If you will use this link to signup to Payoneer , you will get $25 sign up bonus.You just need to fill out few a four steps form and then validate your identity by sending them a passport or driving license soft copy.Once you sign up successfully, there is a waiting period, up to a week and then they send you a prepaid MasterCard on your address. Once you receive the card and activate it, Payoneer creates a virtual US bank account for you to accept ACH payments from US companies. Thatu2019s all you need. Now youu2019ve an official US bank account and can start accepting payments from Strip right away.2. SSN / EINSince SSN (Social Security Number) is only issued to U.S. citizens, permanent residents, and temporary (working) residents by the United States Social Security Administration, it is impossible for foreigners to get it.The alternative to SSN is EIN (Employer Identification Number), also known as Federal Tax Identification Number, used to identify a business entity in the United States. To get EIN remotely, youu2019ll need to make a call to IRS (Internal Revenue Service) and do the following:Download the form and fill it in beforehand.Call the IRS u2023 phone number (800) 829-4933 u2023 and tell them you need an EIN. They will insist you to send the form by fax, but there is a workaround for this. Just say that you do not have a fax machine and would like to do it by phone.The operator will ask you to have the form on hand and read out the fields.In next 15 minutes, you will have an official EIN which will also be sent to you by mail at your home country address.3. US Mailing AddressIt is pretty easy to get US mailing address, you can sign up for any PO Box service to get it. There are number of online services that offers this. I recommend MailBox Forwarding. They pryou with a mailing address which is accessible online. You can receive and view all your mail online: letters, documents, and packages, whether delivered by the USPS, FedEx, or UPS.You can even use any fake address but it is not recommended. You may have to receive important documents by mail in future like from IRS or even Stripe etc.4. US Phone NumberYou can get a US phone number from Sonetel and forward it to your local phone number. It costs less than $2 per month and you can receive all calls directly at your current phone number.Stripe Sign UpOnce you have everything you need to sign up for Stripe payment service, the remaining is simple and straightforward. Go to Stripe.com and create an account by filling all the details (email, password etc.) and confirm your email address. Then log in to Stripe and switch the LIVE/TEST switcher to LIVE, then click Activate Account. You will need to fill out all the necessary details but be extra cautious with following:Country: United StatesBusiness type: Individual / Sole ProprietorshipEIN: The number you got from IRSAddress: Your mail-forwarding address in the USPhone: Sonetel US phone numberSSN: 00u2013000u2013000Bank Account: Log in to your Payoneer account, click Receive - Global Payment Service and copy all the bank information from there.Thatu2019s all. You now have fully functioning Stripe account and ready to accept payments!ConclusionHonestly speaking, it is not a 1-hour task but certainly a workable solution that can open the access to the best online payment platform u2023 Stripe. If youu2019re left with no other option to accept payments, it is worth trying. To wrap up the discussion, letu2019s go over the steps once again:Sign Up for Payoneer Prepaid Mastercard (to get US bank account)Get EIN from IRS (download the form)Get US Mailing Address (from MailBox Forwarding)Get US Phone Number (from Sonetel)Sign Up at StripeUpdate Your Stripe AccountDone!

Open the mail!!! I made the mistake of doing my taxes online and didnu2019t look up my sonu2019s social security number. I had one digit incorrect. It was an easy fix but this was way back when you could get a human on the phone and do the fix. Despite the fact I had his number correct the prior years, that one number wrong caused a big change from refund to owing taxes. Two year ago the IRS decided that I didnu2019t fill out a form that there was no reason to fill out for my sisteru2019s taxes. The phone agent was very helpful on how to complete the paperwork to get around the computer error (I think I filled in the top of form with a letter saying there was no reason to complete the form) and she finally received her refund due plus interest in the late fall. The people who work at the IRS are usually pretty nice. Read the letter and if itu2019s unclear, call and ask them how to straighten out the situation.

There is no problem with opening a bank account, as long as you have a passport and you local ID. (You can get one at a DMV if you don't have one. )When you're opening a bank account, you go directly to a manager in your local branch of your bank. To open a bank account you will need to have some sort of balance. To do that,u00a0 you could either just deposit funds directly or get your spouse to co-sign on your account. If you do the former, you will only be allowed to have debit cards and check books. If you do the later, I belive you will be allowed credit options. What you could also do is open a joint account, which will be particularly useful to you if you wish to obtain a credit card. If your spouse (with SSN and credit score) is also responsible for this account, you will be allowed credit (typically the same as his maybe lower).

You will need a copy of the incorporation papers from your company and a copy of the EIN letter from the IRS.u00a0 You will also need your Canadian passport or some other form of Canadian identification to show that you are not a US citizen, unless you happen to have a US social security number or ITIN.u00a0u00a0 I will warn you that US banks are subject to such strict reporting laws now, it can be difficult finding a US bank that knows how to set up a new bank account with a non-US signer on the account, so it may be worthwhile to make some phone calls to be sure you talk to someone that can actually help you.u00a0 You might even want to start with the Canadian banks that have US affiliates as they can sometimes kick-start the process for you and be sure you are in contact with someone who knows how to properly fill out the paperwork.

Don't do it.u00a0 Even if you declare it, the IRS will ask where did you get the money?u00a0 If it's illegal-like drug money they will confiscate it.u00a0 There is no finder's fee.u00a0 For those of you who say 10K limit for the bank, the government is more sophisticated than that.u00a0 That's 10k cumulative over a specific amount of time especially if your balance is usually low.u00a0 If you deposit something then do it 4,400- not 9k because even amounts over 5k trigger something internally if you do it regularly for the bank.u00a0 It's not worth the trouble.u00a0 For those of you who say buy real estate that's a touchy one.u00a0 Drug dealers in Miami use to buy up small houses with all cash in the 80s small 50k homes- don't do it the IRS is aware of that trick.u00a0 If you have get a loan, they will ask you the source of all of your downpayments.u00a0u00a0 Documentation has been super strict the last few years.u00a0 They need to see where it comes from.u00a0 I like one person's idea of using your regular income to buy the home but then using cash to do the improvements.u00a0 But with the real estate agent taking their cut it might not even wash any money.But I guess most people come here for the creative entertaining answer.Buy art especially from someone famous living like Chuck Close or Roberto clementi.u00a0 Give them cash for it, they'll give it to you for say, painting their house or as a favor as a friend.u00a0 They can easily co-mingle it with their legitimate millions.u00a0 Establish providence then sell it, even at a slight loss.u00a0 Pay the tax on the capital gain.u00a0u00a0u00a0u00a0 Doctors will take cash and won't bat an eye.u00a0 Get lipo. Get a nose job (7k).u00a0 Get hair plugs.u00a0 Get a trainer.u00a0 All this can be had for less than 30k.u00a0u00a0 Self improvement goes a long way.u00a0 Attend one of those Tony Powers workshop.Go to medical school in the Caribbean.u00a0 They will take the cash and don't worry too much about your grades as long as you can pay.u00a0 Live the beach life for four years transfer back to the states and voila you're a doctor.u00a0 You'll earn at least 100k a year and you can comingle the rest of the money later.u00a0 If someone close to you is about to die with no other heirs especially someone from the Depression Era, have a lawyer draw up a will that leaves everything to you in a trust or something to avoid probate.u00a0 Open a safe deposit account in the trust's name but only you and the person have access to the safe deposit.u00a0 Make it an irrevocable trust so that the person can't change the beneficiaries. Put some of the cash in it (not the entire amount like 30k). When he/she eventually die, all of the cash is tax free as long as the estate's value is under 3 million. Declare he/she left you an odd amount like 623k.u00a0u00a0 No taxes.u00a0 You avoid probate.u00a0 The trust will make the amount you inherit non public information vs a will.u00a0 However, the drawback is if the person who you 'inherit' from has a boat load of medical bills , they will use the estate's assets to pay their debts.u00a0 So find someone who has an HMO or SCAN which will cover their 20% Medicare coshare.u00a0u00a0 Open a bitcoin account, put money in.u00a0 Watch it tank.

In answer to your question, I, personally have not been investigated unexpectedly by the IRS, HOWEVER, since I worked for the IRS I was continually reviewed to ensure my returns were accurate and timely filed. To be at fault could result in termination /removal.My son, on the other hand, was recently divorced and while going through the divorce process, the IRS sent him notification that his ex-wife did not include some of her income. He was taken off guard since they used an accountant who had done her individual taxes prior to the time they were married and my son trusted her to be honest. My son had no idea she didnu2019t give that information to the accountant however, because they filed jointly, he was legally responsible for the additional tax. The problem was, she left, had not forwarding address, and said she had no job so my son was stuck with the entire amount of past-due tax, interest and added penalties. NOT FUN! I did try to help him resolve these issues and now everything is taken care of.My advice is always report all income, take all allowable deductions, have all receipts, and documentation to prove what is shown on your return and you will be fine.Just to add one more story. I had a co-worker whose husband was a long-haul trucker and they were audited unexpectedly. Since they had kept all their records with their copy of the return, the audit ended up with them receiving a nice large refund! They were unaware they could deduct some of his business expenses and the auditor took that into consideration! Needless to say, they were very happy to have been audited! (Donu2019t hear too many happy stories about audits)

Iu2019ve been in payroll for 40 years and active in the American Payroll Association so I can give fairly accurate answer. Exact numbers are impossible report just by the nature of the problem. However that is 40% is probably pretty accurate, although I bet itu2019s low by 15 points. Southern California has always been a hot bed of gypsy builders and contractors because of the high cost of housing. Roofing and siding are another big area. How many people do you know that hire a guy to do their yard work instead of instead of a lawn care service. Throw in maids and cooks. Day labor lots are all over south California. Guyu2019s standing around to get hired for 7 - 8 dollars an hour cash.The others are buying stolen identities.A stolen identity complete with all paperwork can be bought for under $100. Usually handled at check cashing stores, pawn shops, small bordagas. You can now get hired anywhere. But you can still get around taxes. When getting hired using the stolen ID, you fill out the W-4 like this. No federal or state income taxes will be deducted.Come tax time you get a W-2 for the amount made zero taxes. Now two years from now the IRS will match this W-2 to the person whose identity was stolen. He will get a letter saying he didnu2019t report all his earnings and is in big trouble. It eventually gets fixed Mr Stolen ID is cleared Mr Illegal Alien is long gone and country is out the taxes. Iu2019m in Pennsylvania so I only got one or two a year being so far from the border. From what Iu2019ve read in the American Payroll journal itu2019s a big problem on the border.